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Holding of Deposits

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Lax1

Junior Member
Joined
Jan 4, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Anyone else having their deposits being held by their banks/credit unions for 3-5 days due to the large amount, so they say, of bad checks being passed?
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I haven't paid attention for many years, but when I opened my business account, the bank told me 5-7 days for out of state checks and 2-3 days for in-state ones. Therefore, I have always left a pretty hefty amount in my checking acount, as I have employees that like to cash their check.
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Would not know...........It's been so slow, I haven't had any checks to deposit.
 

Dennis J. Black ASA IFAS

Senior Member
Joined
Mar 5, 2002
Professional Status
Certified General Appraiser
State
Florida
Years ago I did some commercial work for the FDIC. Get paid and go to deposit it. The bank wants to put a hold on it. I get the branch manager to come over and I spin the little sign around the tells everyone that their deposits are insured by the FDIC, check was drawn on FDIC. I then pointed out that if the check was no good he had bigger problems then my account. They still wanted a three day hold.


Crazy
 

BOB PADRICK

Member
Joined
Nov 11, 2005
Professional Status
Certified Residential Appraiser
State
Florida
If possible, just go cash it at their bank. Sometimes the banks are now charging you to do that-just build that into the price quote-add $25 for check handling charge.

If they're out of town, then you could use one of the check cashing places instead. They charge more than the banks, so it's a last resort-but if it's not a local bank, then add a larger charge to compensate.

Also, check with your state as to the information to gather on a check for criminal prosecution of a bad check. In Florida, for instance, if you gathered the right info, you can get almost 100% collection on bad checks because the alternative is then a criminal court date in addition to having to make the payment, plus court costs.
 
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